5043. First National Bank (Milford, IL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
5149
Charter Number
5149
Start Date
February 5, 1930
Location
Milford, Illinois (40.628, -87.696)

Metadata

Model
gpt-5-mini
Short Digest
6ecaedf9

Response Measures

Full suspension, Books examined

Other: Receiver appointed later; final dividends paid in 1934.

Receivership Details

Depositor recovery rate
83.0%
Date receivership started
1930-03-04
Date receivership terminated
1934-10-01
OCC cause of failure
Governance
Share of assets assessed as good
49.2%
Share of assets assessed as doubtful
34.1%
Share of assets assessed as worthless
16.7%

Description

Multiple articles report a small run (uneasiness after cashier resignation and president's sudden illness) about Feb 5, 1930; bank closed for the protection of depositors and examiners/receiver later handled asset distribution. Final dividend paid by receiver in 1934 confirms permanent closure/receivership.

Events (5)

1. October 25, 1898 Chartered
Source
historical_nic
2. February 5, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
Resignation of cashier (Patterson) and sudden illness/incident involving President Vennum caused uneasiness and rumors leading to a small run.
Measures
Bank officers closed the institution to protect depositors and awaited federal examiners; notice posted on door; examiners/receiver later investigated.
Newspaper Excerpt
there was small run Wednesday and its officers, to protect its depositors, thought visable to close the institution until federal examiners could go over the books.
Source
newspapers
3. February 5, 1930 Suspension
Cause Details
Directors posted notice that bank closed for protection of depositors after run/uneasiness; examiners expected to investigate. (Closure followed the run.)
Newspaper Excerpt
Notice that the First National bank III., had closed its door for the protection of depositors and others appeared the locked of the bank Friday morning
Source
newspapers
4. March 4, 1930 Receivership
Source
historical_nic
5. July 18, 1934 Receivership
Newspaper Excerpt
Final dividend checks, amounting to a total of $25,931.33, were paid to depositors of the closed First National Bank of Milford, last week ... This fifth and final paying dividend will end the work of Receiver Wm. Kelley as far as this bank is concerned.
Source
newspapers

Newspaper Articles (9)

Article from The Pantagraph, February 7, 1930

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Emmerson Refuses to Exercise Clemency in 18 Prison Cases Feb. Gov. Louis Thursday refused to in which the board dons and paroles had no mitigation sentence The cases, which confined NessGeorge Munding, Emory Drew, Maurice W. Paltrock, Steve Brockman, Katherine Bulak; Davis, Benjamin Ingam, William Clifford Oldroyd: Herman Lewis Henry Cook County House CorrectionFrank Eugene Ryan; Vandalia Bary, James which both institutions made heavy loans. The airpiane which brought money to relieve the Pana Nationbank. was dispatched by the bank Chicago. Word of its by Parish, president of the bank Run on Bank. Parish there slight on the bank that nothabout and that the tion of the reserve bank sending cash via air was measure. The bank had capital of $25,000 and surplus Deposits in the Nokomis bank amounted $375,000 while assets totaled on Jan. Capital stock that time was listed $50,000. MILFORD BANK CLOSES. Notice that the First National bank III., had closed its door "for the protection of deand others" appeared the locked of the bank Friday morning statement the bank, 31, 1929, showed healthy


Article from The Taylorville Daily Breeze Courier, February 7, 1930

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MILFORD BANK CLOSES TODAY Danville, III., Feb. 7. tice that the First National Bank at had closed its doors for Milford, of depositors and protection the locked doors others, appeared on this morning. It was of the bank the board of directors. signed by Bank examiners are expected to make day. investigation today. of the bank, DeThe last statement 1929, showed healthy cember 3, An accident to Vennun, dition. the directors, and the one of of C. Patterson, recent resignation deeashier, caused uneasingss among positors, and small run on the bank Thursday morning, it is said.


Article from Chicago Tribune, February 8, 1930

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PANA BANK GETS $250,000 BY AIR TO PREVENT RUN Two Other Institutions Close Doors. quarter of million dollars was brought here by airplane from Chitoday to protect the Pana cago tional bank from withdrawals that this in the wake of began morning the closing here yesterday of the H. N. Schuyler State bank. Although there was small run on the national bank early in the day. arrival of the money by air restored confidence and conditions were virtually normal at closing time. Two additional banks in this dis trict were closed today They were the Rosamond State bank, Rosamond, four miles west of here. and the No. komis State bank Nokomis, thirteen miles east. The Rosamond bank had capital of and surplus of $2,500. A notice posted on the door said the bank was closed for examina tion and The Noko mis bank, state officials said, has frozen assets, but is expected to pay depositors in full. Money Arrives in Two Hours. When withdrawals of more than normal volume began at the Pana Na. tional bank this morning, President C. B. Parris of the institution telegraphed the Chicago Federal Reserve bank to forward $250,000 in cash by airplane. Two hours later plane with armed guards aboard arrived with the money. Sheriff D. L. Dun bar and armed deputies transported the money to the bank's vault. Citizens at massmeeting yester day had declared their confidence in the national bank and President Par ris said today that obtaining funds from Chicago was only a precautionary A number of business houses, in cluding all the meat markets early to day went on cash and carry basis. Heretofore these merchants had car ried their customers for indefinite peri ods. Late today the volume of busi ness was declared virtually normal A number of business, fraternal and social events, including banquets, scheduled for next week, however, have been canceled. Both the Penwell and Pana coal mining companies announced today that they would continue operations at the present Milford Bank Closed. The First National bank of Milford twelve miles south of here. was closed today. A notice on the door said that the action was taken for the protec tion of depositors. Officers said that the bank is solvent, but that run had been feared as the rseult of rumors In circulation. The bank is 53 years old. It has deposits of $350,000. Cornell Bank Suspends The Farmers State bank of Cornell, Livingston county was closed today Directors announced that the action was taken because of frozen assets Louisiana Bank Closed. Bank of Napoleonville of Napoleon ville, La., was closed today by order of the state bank commisisoners be cause of frozen assets and sugar loans Officers of the bank were working on a plan of reorganization Deposits of the bank were estimated at with $500,000 in resources Emile Sundberry former state senator, was president of the bank.


Article from The Omaha Morning Bee-News, February 8, 1930

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FIVE ILLINOIS BANKS CLOSE Farmers State Savings bank at Cornell, closed Friday, one of five similar actions in the state. A notice posted on the door said the directors had decided to close for examination because of frozen assets. The First National Bank at Milford, III., closed its doors "for the protection of depositors and oth ers. The recent resignation of F. C. Patterson. cashier, caused uneasiness among depositors and a small run on the bank Thursday To stop a run occasioned by the failure of the Schuyler bank at Pana, 13 miles each of here. the Nokomis State bank Friday morning closed its doors. The Rosamond State bank of Rosamond, with capital stock $25,000 and surplus of $2,500, failed to open Friday morning A notice posted on the door of the institution said that the bank was closed for examination and readThe Schuyler State bank of Pana, with deposits of approximately $2,000,000. closed late Thursday because of frozen assets.


Article from Effingham Daily Record, February 8, 1930

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BANKS IN PANA Pana, III, Feb. quarter of million dollars was brought here airplane from Chicago today to protect the Pana National bank from withdrawals that began this morning in the wake of the closing here yesterday of the H. N. Schoyler bank. Although there small run on the National bank early in the day, arrival of the money by air restored confidence and conditions were virtually normal at closing time. Two additional banks in this district closed today. They the Rosamond State bank, Rosamond, four miles west of here, and the Nokomis State bank, Nokomis, thirteen miles east. The Rosamond bank had capital of $25,000, and surplus of $2,500. notice posted on the door said the bank was closed for exabina tion and readjustment. The Nokomis bank, state officials said, has frozen assets, but expected to pay depositors in full. Money Arrives in Two Hours. When withdrawals of more than normal volume began the Pana National bank this morning, President Parris of the institution telegraphed the Chicago Federal Reserve bank to forward $250,000 eash by airplane. hours plane with guards aboard arrived with the money. Sheiff Dunbar armed deputies transported the money to the bank's vault. Citizens mass meeting yesterday had declared their confidence in the National bank and President Parris said today that obtaining funds from Chicago was only precautionary number of business houses, includall the meat markets went cash and basis. Heretofore these carry merchants had carried their customers for indefinite periods. Late today the volume of business was declared virtually normal. number of business, fraternal social events, including banquets, scheduled for next week, however, have been canceled. Both the Penwell and Pana coal mining companies announced today that they would continue operations the present volume. Milford Bank Closed. Watseka, III., Feb. First National bank of Milford, twelve miles south of here, closed today. notice on the door said that the tion was taken for the protection of depositors. Officers said that the bank solvent, but that run had been feared the result of rumor in circulation. The bank is 53 years old. It has deposits of $350,000. Cornell Bank Suspends. Bloomington, III., Feb. Farmers State bank of Cornell, Livingston county, was closed today.


Article from Chatsworth Plaindealer, February 20, 1930

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NEWS BRIEFS Attorney Frank M. Crangle, of Watseka, in Mercy hospital, Chicago, where his left foot was amputated just above the ankle, due to an infection. Revenue Agent Clock will sist taxpayers at the courthouse Pontiac March at the city hall in Dwight March at the postoffice Bloomington March and March to 15. Revenue Agent Rolla Jones will be at the Bloomington postoffice March and RevAgent Compton Bloomington post office, March to inclusive. The Central Illinois Public Service company has filed new rate schedwith the Illinois Commerce Commission, reducing its standard electric lighting service rates in linois cities and surroundng rural territory served by the company, including the city of Quincy. The public service company asks to make the lower rates effective April 1930. At congregational meeting of the Presbyterian church of Gibson City Sunday, February 8th, unanmious call to the pastorate the church was extended Rev. Adams, of Winnebago, Illinois, fill the vacancy left by the resignation of Rev. Glenn Schilltstrom, who now installed pastor of the State street Presbyterian church in Jacksonville, Illinois. With seed corn situation grave that in the bad year of 1918, members of the Ford CounCorn Growers' assocition may count themselves specially fortunate this year. The tests report that the stored Ford county seed this year runs the highest in germination tests since the association was ized. Cupid gets lot of help from the famous Brown Church in the Vale" near Nashua, Iowa, for 640 marriages were performed there during 1929, according to the February issue the Illinois Central Maga zine. This exceeded by the number performed during 1928. The two record months of 1929 June and September, couples being married the former and four in the latter. More than 000 persons visited the church 1929. The First National Bank of Milford closed its doors Wednesday February 5th, following the night, of President D. Vennum's report sudden illness. While the bank's condition thought to sound by those who know, there was small run Wednesday and its officers, to protect its depositors, thought visable to close the institution until federal examiners could go over the books. The fact that Vennum Watseka, president of the bank, been found in serious condition the garage his home Wedmorning unconscious from nesday the effects of poisonous automobile exhaust gas, known as carbon monoxide; and that Patterson had recently tendered his resignation at cashier of the institution, is said, considerable uneasiness depositors and resulted in the the bank. The bank upon its the Milford


Article from The Fairbury Blade, February 21, 1930

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Interesting round Home For the third time since last June gasoline bootleggers last Thursday night raided the bulk plant of the Shaffer Oil and Refining company at Lincoln and obtained approximately 2,500 gallons of gasoline. In the three trips to the Lincoln plant the thieves have obtained total of 6,300 gallons of gasoline. Since the last raid George Sieb, the manager, had placed heavy steel chains on both the gates and tanks, but they were cut also, evidently by metal shears. Three men were under the care of physicians at Jerseyville last Saturday following their being badly bitten by a mad horse belonging to Otto Gotway, of Michatel township, near Jerseyville. The horse escaped its corral last Thursday night, broke down the corral fence on the farm of Harvey Spears, and attacked horses in the Spears farm yard. Spears, aroused by the commotion, sought to quiet the horse, but it turned on him, biting him severely, and pursued him as he fled to his house. He managed to get inside the house and the horse attempted to batter down the door by kicking it in. Otto Gotway and his brother, Edward, arrived and the three however, without being bitten. A veterinarian was then summoned and he killed the animal. An examination disclosed the horse had been suffering from an advanced case of rabies. An error in administering a cold remedy resulted in the death last Friday of Mrs. Walter Hymer, 26, of Hoopeston, and the grave illness of her husband. When Mrs. Hymer complained of suffering from heavy cold, her mother, Mrs. John Cary, gave Mrs. Hymer a box of insect powder, believing it to be a laxative treatment employed for relief in colds. When Mrs. Hymer complained of the peculiar taste of the potion, her husband tasted the powder. Both became violently ill. Mrs. Hymer was the mother of five children. Trial of Clarence Bertrand, Victor Festante and Sam Barnaby on charges of murdering William Schmidt in robbery of the Yellow Dog inn at Dwight on November 15, 1926, was continued last Friday until March 3. The trial is to be held at Morris, in Grundy, in which county the crime was committed. A fire at Lincoln last Friday night destroyed the Lincoln theatre, togeth- pipe organ. The loss is estimated at $75,000. The theatre will be rebuilt. There is a possibility of the A. E. Staley Corn Products Manufacturing company of Decatur opening a plant at Peoria. There is no unit of the Decatur company located there now and it is probable that with the extension of the barge line to Peoria in the near future, unit will be opened to take advantage of this facility. Henry Ford has announced his intention to devote the rest of his life and $100,000,000 of his fortune to the founding of schools. He said he had not yet decided on the number or location of the schools, but that some of them would be large institutions and that they would be situated in various parts of the country. A desire to do all in his power to help the young men of the country find their places in the world, he said, was the inspiration for his plan. He says he dont want any advice. Mrs. Mabel Decker died at her home in Owego township last Thursday of tuberculosis. Mrs. Decker had been ill for the last three years. The funeral was held Sunday afternoon from the Evangelical church, the Rev. Ezra E. Plapp, assisted by the Rev. Charles Wunsch, officiating. Burial was in the Patty cemetery. State Patrolman Sarver, of Chenoa, was injured in an accident in Bloomington last Friday afternoon, when a Corn Belt Lumber company truck, driven by W. Lienschlager, collided with the motorcycle he was riding. Mr. Sarver was thrown from his machine and sustained cuts about the left eye and a dislocated shoulder. He was taken ot St. Joseph's hospital at Bloomington in the police ambulance where he received treatment. He was later released and taken to his home at Chenoa by Patrolman Goetzke. The motorcycle was, wrecked. Three Chatsworth men were sent to the Kankakee hospital and a fourth was bruised and cut when a car driven by Joe Miller was wrecked in the north part of Kankakee, Monday night about 11:30. The four men left Chatsworth at about 9 o'clock and is failed to see a dangerous curve in the paved highway in time to stop, and when the car crashed into a tree Mr. Miller leived a broken collar bone and was cut and bruised about the face and body. William Meisenhelder was crushed through the chest and back. Thomas Lahey, Jr., had his hips crushed and possibly broken bone or two. James O'Malley, the other occupant of the car, got a bad bump on his head, his right thumb was cut and his legs cut and bruised. The first three men were taken to the hospital. Mr. O'Malley remained at hotel in Kankakee for the night and came home Tuesday morning not badly hurt. Mr. Miller was able to be brought home Wednesday afternoon. The other two men are still in the hospital. Mr. Meisenhelder, who was the most seriously injured, has been making his home in Chicago for some time, but was temporarily out of work and was vacationing here with friends. It is hard to tell at this time just how badly he or Mr. Lahey are hurt. - Chatsworth Plaindealer. A. M. Jones, president of the Citizens State Bank in Milford, fearing a run on his bank because of the closing of the First National, prepared for the emergency by having $50,000 in currency shipped in from Chicago. Last Thursday forenoon two automobiles arrived from the city, filled with officers, armed with machine guns. When the stacks of money were piled upon the bank's counters, all thoughts of run, if there were any, were soon ended. Jerome Browne, 18-year-old son of Mrs. Ivy Browne Wilson, was brought to the Iroquois hospital last week from their home near Kentland, Ind., suffering from some unknown malady. Dr. C. H. Dowsett was called into the case by Dr. Mathew, of Kentland, and after thorough diagnosis, said the young man was suffering from spinal meningitis. There has been an epidemic of meningitis in Indianapolis for several weeks and many cases have been reported from over the state. The young man died this morning at 4:25 o'clock. Watseka Republican. Two weeks ago a stranger stopped at the Dixie Wrecking Yard in West Watseka and had some work done. He presented an Iowa check for $94.27 in payment and received a considerable difference in cash. Harry Pulsipher waited on him and later cashed the check at the Farmers Grain company, who deposited it in the Citizens bank. A few days later the check was returned to the bank here, marked "bank closed." Whether the stranger knew the bank was closed or whether he did not, it is all the same to the Dixie Wrecking Yard, who made good the amount.-Watseka Republican. If physicians practice regularly in one or more counties, it is their duty to have their license recorded in the office of the county clerk of each county, Attorney General Oscar E. Carlstrom held in a recent opinion. The opinion was given at the request of M. E. Walsh, director of the state department of registration and education, who stated he had received inquiries from several county clerks asking information regarding the registration of physicians. Now that we have basketball in mind-the prize stalling game was reported recently when Catlin, a village in Vermilion county, didn't pass the ball the entire 32 minutes of regular play. The score was 0-0 at the end of the regular playing time, and Catlin won in the overtime 5-0. That is a good way to kill the basketball game. People go to basketball games to see action and don't like to see teams stall.


Article from The Roberts Herald, July 18, 1934

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INTERESTING ITEMS FROM OUR EXCHANGES On top of the news released from Washington last week that $66,000 had been appropriated for site and new post office building in Watseka, came the anonuncement this week that the Public Works Administration approved an application of the city for $64,600 to be used in the construction of Butane Gas plant. a Official confirmation of this allotment of $64,600 was received yesterday the office of C. W. Osborn, from State Engineer of the PWA, in a letter to Alderman A. C. Harwood. Towns along the Dixie Highway from Momence to Danville, are engaged in an effort to have the road The about the widened. pavement, laid by the state, only 15 first feet wide in some places. Jack Lane, 72, of Milford, was John Lyons, was seriously panion, at about 4:30 o'clock Friday injured afternoon when the Buick touring in which they were riding, was car struck by Chevrolet sedan owned and driven by S. D. Sturdevant, receiver for the State Bank deputy Cissna Park. Sturdevant was acat by H. B. Yergler, also of companied Cissna Park, deputy state bank reNeither of the Cissna Park men serious injury. Lane sustained fered broken neck and fractured skull, The accident happened at the interof state route 49 and he section hard road four miles east of township Clifton. Final dividend checks, amounting total of were paid to of the closed First Nato depositors tional Bank of Milford, last week. The of this fifth and final paying dividend will end the work of Receiver Wm. J. far as this bank Kelley as is concerned. The total paid to creditors in the five dividends is which is over 83 per $268,643.20 cent of the total claims aggregating $323,000. day. Three small Her11, Robert Hermann, 9, and spent mann Hermann all members of and Shirley were drowned in the one family, them. Kankakee river two miles west of Monday morning, July 9th. Momence The three victims were the children Mr. and Mrs. Frank W. Hermann of of Chicago. The three children and Miss their mother to the river on the Saturday, and rented the previous for a week's outing. On cottage the youngsters went Monday morning and fishing, and their pleasure Phillips wading was brought to a tragic ending trip Squires, when all three stepped into a deep Lucille hole in the river, few yards from the shore, drowned. The mother of the children was in complete state of collapse. The father was The where he is employed as in Chicago Club The bodies of the oldest the and his sister were recovered boy and that of in during the forenoon spent some time in applying ployees Roll artificial the bodies but respiration their efforts proved futile. son of Mr. and Dale, youngest Mrs. Lewis Magee, of Cullom, was night when out Mr. the screen of continued on through son, window, and lit on the second story friends the below. He was rushed ground where it and doctor immediately, was that he had suffered no injuries guests found and next day was and whatever, up Roy none the worse for his exaround, several His youth and the fact perience. that he limp and relaxed in sleep was


Article from Ford County Press, July 20, 1934

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INTERESTING ITEMS FROM OUR EXCHANGES Towns along the Dixie Highway from Momence to Danville, are gaged in an effort to have the road widened. The pavement, about the first laid by the state, is only 15 feet wide in some places. Final dividend checks, amounting to a total of $25,931.33, were paid to depositors of the closed First National Bank of Milford, last week The paying of this fifth and final dividend will end the work of Receiver Wm. Kelley as far as this bank is concerned. The total paid to creditors in the five dividends $268,643.20 which is over 83 cent of the total claims aggregating per $323,000. On top of the news released from Washington last week that $66,000 had been appropriated for a site and new post office building in Watseka, came the anonuncement this week that the Public Works Administration had approved an application of the city for $64,600 to be used in the construction of a Butane Gas plant. Official confirmation of this allotment of $64,600 was received yesterday from the office of C. W. Osborn, State Engineer of the PWA, in letter to Alderman A. C. Harwood. Jack Lane, 72, of Milford. was almost instantly killed, and his companion, John Lyons, was seriously injured at about :30 o'clock Friday afternoon when the Buick touring car in which they were riding, was struck by a Chevrolet sedan owned and driven by S. D. Sturdevant, deputy receiver for the State Bank section of state route 49 and he township hard road four miles east of Clifton.